State regulators approved the sale of the dominant electric utility in eastern and northern Maine to a Canadian company on Tuesday following a negotiated settlement that is expected to save customers over $30 million.

The Maine Public Utilities Commission approved the acquisition of Emera Maine by the Canadian utility company Enmax Corp., a wholly owned subsidiary of the city of of Calgary, Alberta.

The regulatory approval comes after a settlement was reached among Enmax, Emera Maine, the Maine Office of Public Advocate and other parties. The $1.3 billion acquisition is expected to close within the next week.

The settlement includes rate credits for customers totaling $8.1 million and a freeze on distribution rate increases until October 2021, which is expected to save customers up to $30 million.

Also included is an additional $5 million in electric rate relief targeted to customers who are eligible for assistance from the Low-Income Home Energy Assistance Program.

Enmax also agreed to upgrade grid reliability and customer service as part of the deal.

Only subscribers are eligible to post comments. Please subscribe or to participate in the conversation. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.

filed under:
emera maine, energy, maine businesses, maine public utilities commission
Related Stories
Latest Articles